The precision farming market size is anticipated to expand at a significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to increasing demand for high yield crops, rapid changes in climate, and rising demand for food.
In a farming management, the concept based on responding to inter & intra-field variability, observing, and measuring in crops is known as precision agriculture also called as satellite farming.
The covid-19 pandemic affected the demand and supply of the precision farming market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increased demand for precision farming is projected to boost the market.
- Increasing research funding for agriculture sector is the major factor fueling the market.
- Less adaptation rate of precision farming is projected to restrict the market expansion during the forecast period.
- Lack of awareness about precision farming among farmers is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in precision farming market is projected to offer lucrative opportunities for the market players.
Key Players
- Yara International ASA
- Land O’lakes Inc.
- Lindsay Corp.
- Tee-Jet Technologies
- John Deere
- AGCO Corp.
- DICKEY-john Corp.
- BASF SE
- Topcon Precision Agriculture
- Ag Junction Inc
- Raven Industries Inc.
Competitive Landscape
Key players competing in the precision farming market include Yara International ASA; Land O’lakes Inc.; Lindsay Corp.; Tee-Jet Technologies; John Deere; AGCO Corp.; DICKEY-john Corp.; BASF SE; Topcon Precision Agriculture; Ag Junction Inc; and Raven Industries Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.
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